Just over a year after relocating its U.S. headquarters to Houston, Banorte Securities International is expanding its local footprint.
The investment firm entered into a lease for 12,228 square feet at 5057 Westheimer Road in the Galleria Financial Center, an office tower in the Galleria mall complex. That’s an addition of 2,165 square feet, which the company said will allow it to hire 10 new employees.
“This latest move will accommodate the company’s growing staff and product offerings, allowing the team to provide the highest level of service to its expanding client base,” the company said in a news release.
Banorte Securities International is a subsidiary of Mexican financial institution Grupo Financiero Banorte and provides clients with investment management and brokerage services.
The renovations to Banorte Securities’ office are being handled by Houston-based AMB Architects and are scheduled to be completed in January.
Additionally, the company said it plans to move its office in The Woodlands from 1330 Lake Robbins Drive to 9950 Woodloch Forest Drive — one of the two well-known office towers that originally comprised the headquarters for Anadarko Petroleum Corp.
The Howard Hughes Corp. (NYSE: HHC), which owns the tower at 9950 Woodloch Forest Drive and has its headquarters there, has been marketing the building as multitenant office space offering all of the amenities of a corporate campus but with greater flexibility on lease terms. Energy technology and infrastructure firm Lancium Technologies Corp. also recently announced it leased 30,000 square feet in the tower.
Banorte Securities’ new 3,170-square-foot location in The Woodlands will house 14 employees, most of whom hold sales positions, which the company said will make it possible to serve a growing number of clients.
Banorte Securities established its presence in The Woodlands in 2015. The company expects to move into its new offices there during the first quarter of 2022.
“Now is the perfect time for Banorte Securities to expand its U.S. footprint, as our firm continues to experience tremendous growth,” said Xavier Ibarrola, CEO of Banorte Securities International. “Our assets under management have grown by 50% since close of 2019, and we have incorporated Pershing and Interactive Brokers as best-in-class clearing and custody agents for our international wealth management and digital asset management business. These expansions allow our team to significantly grow our client base, both locally and internationally.”
Banorte Securities moved its U.S. headquarters to Houston last year after previously being based in New York City. At the time, Ibarrola said the company left New York to be geographically closer to its Mexican clients and to reduce costs.
“This city is much more efficient, as far as costs, compared to New York, as you can imagine,” Ibarrola told the Houston Business Journal.